UK-based analytics firm Refinitiv has acquired US wealthtech Scivantage with a view to expanding the capabilities of its wealth management portals.
Refinitiv, which is itself the subject of a $27 billion acquisition by London Stock Exchange Group that is expected to close in H2 2020, pointed to Scivantage’s digital wealth management offering Wealthsqope, a digital client experience, and Maxit E2E, an end-to-end tax information reporting solution, as key reasons for the deal.
Both will add core functionality to its wealth management portals, including account management, personal portfolio management, money movement, market and investments data, advisor-focused features, trading, cost basis and tax information reporting.
Joe Mrak, global head of wealth management at Refinitiv, explained: “In what continues to be a transformational wealth management environment, our customers increasingly rely on us to provide the data, analytics and digital technology solutions that enable their growth. We have an excellent history of collaboration with Scivantage, working together on both tax reporting and client portal solutions. Refinitiv’s best in class BETA self-clearing platform is already connected to Scivantage’s systems.”
“Acquiring Scivantage at this stage affords a tremendous opportunity for us to work together on our shared goal of creating next-generation digital wealth management solutions that enhance the overall customer experience. Scivantage’s deep roots, knowledge and capabilities will enhance our wealth management portfolio of solutions, and we welcome our esteemed new colleagues to the Refinitiv family.”
Joe Stensland, chief commercial officer at Scivantage, added: “Scivantage has made tremendous impact as a software-as-a-service innovator in the fintech market. Our digital solutions continue to move the industry forward and enable our customers to deliver a better client experience. Being part of the Refinitiv family will enable our growth through integration into Refinitiv’s broad portfolio of wealth management solutions.”